Real Money

Ultra Petroleum Announces Plan Support Agreement Has Over 66.67% Support From Senior Noteholders

HOUSTON, Nov. 23, 2016 /PRNewswire/ -- Ultra Petroleum Corp. (OTC: UPLMQ) announces that the Plan Support Agreement dated November 21, 2016 (the "PSA") and the Backstop Commitment Agreement dated November 21, 2016 (the "Backstop Agreement") have obtained support by holders of more than 66.67% in principal amount of its outstanding 5.750% Senior Notes due 2018 and 6.125% Senior Notes due 2024. Yesterday, the company announced that it had entered into a PSA and a Backstop Agreement with holders of a substantial majority of the principal amount of its outstanding 5.750% Senior Notes due 2018 and 6.125% Senior Notes due 2024.

Mr. Michael Watford, Chairman, President and Chief Executive Officer of the Company, said, "The fact that more than two-thirds of our Ultra Petroleum Corp. Senior Noteholders are now in support of our Plan Support Agreement attests to the strength of the deal that we have reached with these stakeholders and demonstrates that our restructuring process has made significant progress".

About Ultra Petroleum

Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The company trades over-the-counter under the ticker symbol "UPLMQ". Additional information on the company is available at www.ultrapetroleum.com.

This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections or other statements in this news release, other than statements of historical fact, are forward-looking statements, are based upon current expectations, and are subject to a number of risks, uncertainties and assumptions. Accordingly, although the company believes that the expectations reflected in such forward-looking statements are reasonable, the company can give no assurance such expectations will prove to have been correct.